Fund Description: VanEck Vectors Steel ETF, formerly The Market Vectors - Steel ETF, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the VanEck Vectors ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The VanEck Vectors Steel ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Amex Steel Index (Index Ticker Symbol STEEL). INDEX DESCRIPTION: The Amex Steel Index is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production, including the operation of mills manufacturing steel, the fabrication of steel shapes or products, or the extraction and reduction of iron ore, and that are listed for trading on the NYSE, Amex or quoted on the NASDAQ. Only companies with market capitalization greater than $100 million that have a daily average traded volume of at least $1 million over the past three months are eligible for inclusion in the Steel Index. The Steel Index is weighted based on the market capitalization of each of the component securities. FUND STRATEGY: The Fund will normally invest at least 80% of its total assets in common stocks and ADRs of companies involved in the steel industry. This 80% investment policy is non-fundamental and requires 60 days' prior written notice to shareholders before it can be changed. The Fund, utilizing a "passive" or indexing investment approach, attempts to approximate the investment performance of the Steel Index by investing in a portfolio of securities that generally replicate the Steel Index. The Adviser anticipates that, generally, the Fund will hold all of the securities which comprise the Steel Index in proportion to their weightings in the Steel Index. However, under various circumstances, it may not be possible or practicable to purchase all of those securities in these weightings. In these circumstances, the Fund may purchase a sample of securities in the Steel Index. There also may be instances in which the Adviser may choose to overweight another security in the Steel Index, purchase securities not in the Steel Index which the Adviser believes are appropriate to substitute for certain securities in the Steel Index or utilize various combinations of other available investment techniques in seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the Steel Index. The Fund may sell securities that are represented in the Steel Index in anticipation of their removal from the Steel Index or purchase securities not represented in the Steel Index in anticipation of their addition to the Steel Index. The Adviser expects that, over time, the correlation between the Fund's performance and that of the Steel Index before fees and expenses will be 95% or better. A figure of 100% would indicate perfect correlation. The Fund will normally invest at least 95% of its total assets in securities that comprise the Steel Index. FUND MANAGEMENT: Van Eck Associates Corporation is the investment adviser to the Fund.